13F HOLDINGS REPORT
Philadelphia Financial Management of San Francisco, LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001214659-26-001977
Total Value
$931.8M
Positions
58
Other Managers
3
Confidential Omitted
No
Holdings (58)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | CIRCLE INTERNET GROUP INC | CRCL | 1,335,000 | $105.9M | 11.36% |
| 2 | COINBASE GLOBAL INC | COIN | 400,000 | $90.5M | 9.71% |
| 3 | STRATEGY INC | STRK | 300,000 | $45.6M | 4.89% |
| 4 | BITMINE IMMERSION TECNOLOGIE | 09175A206 | 1,500,000 | $40.7M | 4.37% |
| 5 | COREWEAVE INC | CRWV | 550,000 | $39.4M | 4.23% |
| 6 | ISHARES BITCOIN TRUST ETF | IBIT | 700,000 | $34.8M | 3.73% |
| 7 | HCI GROUP INC | HCIIP | 160,000 | $30.7M | 3.29% |
| 8 | TARGET HOSPITALITY CORP | TH | 3,304,424 | $26.5M | 2.84% |
| 9 | U S GOLD CORP | USAU | 1,209,624 | $23.5M | 2.52% |
| 10 | GENERAL MTRS CO | 37045V100 | 254,590 | $20.7M | 2.22% |
| 11 | AMERICAN INTL GROUP INC | 026874784 | 230,300 | $19.7M | 2.11% |
| 12 | PINNACLE FINL PARTNERS INC | 72346Q104 | 206,171 | $19.7M | 2.11% |
| 13 | MECHANICS BANCORP | MCHB | 1,319,486 | $19.3M | 2.07% |
| 14 | AMERICAN INTL GROUP INC | 026874784 | 219,361 | $18.8M | 2.01% |
| 15 | HUT 8 CORP | HUT | 400,000 | $18.4M | 1.97% |
| 16 | EXZEO GROUP INC | XZO | 710,000 | $17.2M | 1.85% |
| 17 | APPLIED DIGITAL CORP | APLD | 700,000 | $17.2M | 1.84% |
| 18 | DEUTSCHE BANK A G | D18190898 | 436,262 | $16.8M | 1.81% |
| 19 | BREAD FINANCIAL HOLDINGS INC | BFH-PA | 191,939 | $14.2M | 1.52% |
| 20 | EZCORP INC | EZPW | 719,529 | $14.0M | 1.50% |
| 21 | HAMILTON INSURANCE GROUP LTD | HG | 495,283 | $13.8M | 1.48% |
| 22 | HARTFORD INSURANCE GROUP INC | HIG-PG | 99,471 | $13.7M | 1.47% |
| 23 | THE BALDWIN INSURANCE GRP IN | 05589G102 | 556,299 | $13.4M | 1.43% |
| 24 | LENDINGTREE INC NEW | TREE | 251,459 | $13.3M | 1.43% |
| 25 | MP MATERIALS CORP | MP | 260,000 | $13.1M | 1.41% |
| 26 | CHAMPION HOMES INC | SKY | 155,425 | $13.1M | 1.41% |
| 27 | AMERICAN FINL GROUP INC OHIO | 025932104 | 91,610 | $12.5M | 1.34% |
| 28 | BLOCK INC | BSQKZ | 183,743 | $12.0M | 1.28% |
| 29 | CUSTOMERS BANCORP INC | CUBB | 162,129 | $11.9M | 1.27% |
| 30 | GATX CORP | GATX | 68,837 | $11.7M | 1.25% |
| 31 | BULLISH | BLSH | 300,000 | $11.4M | 1.22% |
| 32 | IREN LIMITED | IREN | 300,000 | $11.3M | 1.22% |
| 33 | KKR & CO INC | KKRT | 78,563 | $10.0M | 1.07% |
| 34 | TPG INC | TPGXL | 155,699 | $9.9M | 1.07% |
| 35 | FUTU HLDGS LTD | FUTU | 60,000 | $9.9M | 1.06% |
| 36 | CARS COM INC | CARS | 751,671 | $9.2M | 0.98% |
| 37 | TOAST INC | TOST | 257,848 | $9.2M | 0.98% |
| 38 | ROBINHOOD MKTS INC | 770700102 | 78,889 | $8.9M | 0.96% |
| 39 | BANK OZK LITTLE ROCK ARK | OZKAP | 189,226 | $8.7M | 0.93% |
| 40 | ENOVA INTL INC | 29357K103 | 50,311 | $7.9M | 0.85% |
| 41 | ARMOUR RESIDENTIAL REIT INC | ARR-PC | 434,709 | $7.7M | 0.83% |
| 42 | CAPITAL ONE FINL CORP | 14040H105 | 27,643 | $6.7M | 0.72% |
| 43 | ONEWATER MARINE INC | ONEW | 614,605 | $6.7M | 0.71% |
| 44 | NELNET INC | NNI | 46,910 | $6.2M | 0.67% |
| 45 | COLUMBIA BKG SYS INC | 197236102 | 215,468 | $6.0M | 0.65% |
| 46 | PENNYMAC FINL SVCS INC NEW | 70932M107 | 43,787 | $5.8M | 0.62% |
| 47 | FERMI INC | FRMI | 677,866 | $5.4M | 0.58% |
| 48 | BULLISH | BLSH | 125,000 | $4.7M | 0.51% |
| 49 | SUNRISE RLTY TR INC | 867981102 | 440,628 | $4.2M | 0.45% |
| 50 | A2Z CUST2MATE SOLUTIONS CORP | AZ | 625,352 | $4.1M | 0.44% |
| 51 | NEPTUNE INS HLDGS INC | 64073B103 | 125,000 | $3.6M | 0.39% |
| 52 | SABLE OFFSHORE CORP | SOC | 328,081 | $3.0M | 0.32% |
| 53 | LEGACY HOUSING CORP | LEGH | 134,227 | $2.6M | 0.28% |
| 54 | PAR TECHNOLOGY CORP | PAR | 69,100 | $2.5M | 0.27% |
| 55 | NI HLDGS INC | NODK | 157,719 | $2.1M | 0.23% |
| 56 | SKYLINE BLDRS GROUP HLDG LTD | G8193D104 | 608,753 | $1.8M | 0.19% |
| 57 | TANGO THERAPEUTICS INC | TNGX | 33,291 | $294,958 | 0.03% |
| 58 | NEW FORTRESS ENERGY INC | NFE | 209,964 | $239,359 | 0.03% |